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K’taka: New officers appointed to handle investor fraud cases

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Bengaluru: Concerned about undue delays and other issues in taking action against companies that cheat their investors, the State Government has appointed new officers as Competent Authorities.

The appointment is based on recommendations from Revenue Department officers during the last two years.

The decision is one of several recent government initiatives aimed at easing the burden on Bengaluru’s Urban District Revenue officials, who are dealing with a large number of cases in their courts.

According to an order dated January 24, the appointment of Assistant Commissioners (ACs) of Bengaluru North and South sub-divisions had created delays in taking action against 31 corporations.

According to sources, AC (Admin) of Bhoomi Monitoring Cell (BMC), Revenue department and AC (Modernisation of Land Records), BMC will now be competent authorities (CA) for action against fraudulent companies.

The first CA will be in charge of 19 cases in Bengaluru, while the second will be in charge of 12 cases from across the State.

IAS officer Harsh Gupta, Special Officer and Competent Authority (CA) for the IMA case, proposed in October 2020 that separate CAs be formed to deal with various companies booked under the Karnataka Protection of Interest of Depositors in Financial Establishments Act and the Banning of Unregulated Deposit Schemes Act.

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